WHAT EXACTLY IS POP-UP RETAILING AND WHY IS IT SO GREAT?!
Let’s start at the beginning, pop-up retailing came to light circa 2004 with trendwatching.com reporting on the increase of retailers popping up in various locations for a limited amount of time. Fast forward 12 years and pop-up options are still on the rise, accounting for 0.76% of total UK retail turnover, also known as £2.1 billion! Pop-up retailing is a popular solution for many start-up businesses, as it allows them to experience the marketplace first hand. This type of retailing is excellent for businesses that don’t have the funds to build a physical store but can still reap the same benefits, with less risk and more flexibility.
Pop-up retailing provides fantastic opportunities for businesses to interact with potential customers and to understand their purchase behaviour a little better. Retailing in such a way also offers exclusivity and customisation which is something consumers are in pursuit of when purchasing at pop-ups as 39% of shoppers are seeking a unique product from a pop-up retailer/kiosk. The element of exclusivity is highly attractive to consumers as the time scale on pop-ups is limited, customers are more likely to purchase products before they are no longer available.
Not only are pop-ups taking over traditional retailing (as many established retailers are also using pop up kiosks to market test new products) they are having an immense effect on our economy. This is due largely due to the increase in spend and a higher level of consumers, according to a study conducted by EE in 2014 consumers spend on average £120 per person annually on pop-up products. There are now over 10,000 pop-up stores in the UK, not including stand-alone kiosks and the pop up industry now employs over 24,000 people.
Pop-up retailing isn’t just limited to the one field, a number of different sectors are jumping on the pop-up wagon due to the versatility of it all. Whether you are a painter, baker or fashion designer pop-up retailing can help push your business to the next level. Another reason why pop-up retailing is so successful is due to the variety of forms available, for example, if you are a fashion designer you may wish to create an exclusive boutique in a shopping store environment. If you are a baker, you may wish you sell your cupcakes on a stand-alone bespoke kiosk, the options are endless…
Are you ready to POP-up at a mall near you?! Please contact us at marketing@popretail.co.uk